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REW Real Estate Consumer Survey

Q4 2011. REW.ca Real Estate Consumer Survey. Real Estate Consumer Survey Q4 2011. Survey findings include: Home preferences Willingness to compromise and on what Ideal location Realtor added value. About Survey: Survey sponsored by REW.ca and conducted by Mustel Research Group.

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REW Real Estate Consumer Survey

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  1. Q4 2011 REW.ca Real Estate Consumer Survey

  2. Real Estate Consumer Survey Q4 2011 Survey findings include: • Home preferences • Willingness to compromise and on what • Ideal location • Realtor added value • About Survey: • Survey sponsored by REW.ca and conducted by Mustel Research Group. • 349 interviews completed with residents throughout Vancouver Lower Mainland. • 18 years of age or over who have bought or sold a home or property in the past three years or who plan to purchase / sell in the next three years or so. • Communities included in the survey are: Vancouver West Side, Vancouver East Side, Vancouver Downtown, Surrey, Burnaby/New Westminster, North Vancouver, Tri-Cities, Fraser Valley, Richmond, South Delta/Tsawwassen/White Rock, Langley, West Vancouver, Pitt Meadows/Maple Ridge, North Delta, Sea-to-Sky corridor (including Squamish, Whistler, Pemberton), and Bowen Island.

  3. Home Preferences & Compromises

  4. Ideal Location • Q.4) What would be your ideal location if you could afford it?

  5. Ideal Location by Area of Residence • Q.4) What would be your ideal location if you could afford it? • Breakdown of answers by current area of residence.

  6. Most Important Factors in Selecting Neighbourhood • Q.7a) Apart from affordability, what were the 2most important factors in selecting your neighbourhood location? • Q7b) Apart from affordability, what are the 2 most important factors in selecting your neighbourhood location? 6

  7. Type of Home Preferred Past Buyers/SellersPurchased Future Buyers/SellersWant to Purchase Detached rancher, one level Detached two level Detached three level with basement Duplex/multiplex Townhouse Condo 53% Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.3a) What type of home did you purchase? Q.3b) If buying in the future, what type of home are you looking for?

  8. Two Most Important Factors in Selecting a Home Total Past Buyers/Sellers Future Buyers/Sellers Number of bedrooms Style of home Size - upsizing (moving to a larger home) Investment potential Size - downsizing (moving to a smaller home) Environmental/energy efficiency Secondary suite in home Other Base: Total (n=349) Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.8a) Apart from the price, what were the two most important factors you considered in selecting your home? Q.8b) Apart from the price, what would be the two most important factors you would consider in selecting your future home?

  9. Maximum Commuting Time Would Accept Total Past Buyers/Sellers Future Buyers/Sellers Under 10 minutes 10 15 20 21-29 30 35 40 45 50 60 plus Average by Age: 18-34 yrs = 39 min 35-54 yrs = 31 min 55 yrs + = 27 min Average = 30 min Average = 30 min Average = 30 min Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299) Q.5) What is the maximum commuting time you would be prepared to accept to work, school or another destination that you travel to regularly?

  10. Compromises in Order to Afford Home Past Buyers/Sellers Future Buyers/Sellers Size of home Distance from work Condition of home Lot size/size of yard Distance from friends/family Quality of schools Distance from schools Other Did not/would not make any compromises Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.9a) What characteristics of your home or neighbourhood did you compromise in order to afford your home? Q.9b) What characteristics of your home or neighbourhood would you compromise in order to afford your future home?

  11. Other Survey Highlights

  12. Greatest Value Received From Realtor Total Past Buyers/Sellers Future Buyers/Sellers Help with paperwork/contracts Placing/negotiating offers Marketing/listing your current home Help to identify homes best suited to your needs Arrange open houses Help to determine neighbourhood and communities Other Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299) Q.12) What do you think is the greatest value you receive from a Realtor?

  13. Used/Currently Using Realtor Past Buyers/Sellers Future Buyers/Sellers Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.11a) Did you use a Realtor to buy or sell your home? Q.11b) Are you currently using a Realtor? 13

  14. Perception of Home Prices in 2012 Total (n=349) Vancouver (n=109) North Shore (n=42) Burnaby/New Westminster (n=36) Tri-Cities/Maple Ridge/Pitt Meadows (n=35) Richmond/South Delta/Tsawwassen/White Rock (n=43) Surrey/North Delta/Langley (n=59) Fraser Valley (n=25) Area of Residence Q.10) Do you believe that prices will increase, decrease or stay about the same in 2012? 14

  15. Questions??

  16. Demographic Characteristics continued

  17. Demographic Characteristics (cont’d)

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